Fannie Mae: Sellers' confidence surges across country
Posted on Monday, November 10, 2014 at 9:05:48 AM
Even with low residential financing rates and some other favorable conditions in the housing market, consumer sentiment has been lacking a bit over the past several months.
However, according to a recent report from Fannie Mae, that has changed. The government-sponsored enterprise's National Housing Survey found that sellers' optimism about the real estate segment has reached an all-time high. In total, 44 percent of respondents believe that now is a good time to sell.
"Consumers are growing more optimistic about the housing market in the face of broader improvement in economic sentiment," explained Doug Duncan, senior vice president and chief economist at Fannie Mae. "The share of consumers who expect their personal finances to get better is near its highest level since the survey's inception, while those expecting their finances to get worse reached a survey low."
In addition, CNBC "Mad Money" host Jim Cramer pointed out several other reasons why the housing market might be on the upswing: lower gas prices and improved lending conditions.
These two trends will free up personal finances for buyers and sellers to invest back into the housing market, helping improve activity across the country.